FinTech and financial inclusion in emerging markets: a systematic review of demand- and supply-side determinants

FinTech and financial inclusion are critical tools for policymakers and practitioners seeking to support entrepreneurship, smooth consumption, and reduce poverty. Yet a large share of the population remains unbanked, has limited access to basic financial services, or uses them infrequently. Based on a systematic literature review, this study consolidates the fragmented literature on FinTech-driven financial inclusion, examining demand-side and supply-side adoption factors across emerging markets. It reviews 159 articles using the TCCM (Theory, Context, Characteristics, Method) framework and records the literature's dynamic evolution and structural attributes. Additionally, this review conducted thematic analysis and developed a 4-Quadrant (4Q) Matrix, a dual-perspective map of demand and supply sides, providing an overview of enabler and barrier themes influencing FinTech adoption and access and use of financial services. Demand-side adoption is influenced by consumer behaviors and perceptions, whereas supply-side adoption and delivery are influenced by institutional readiness, multi-stakeholder collaboration, and regulation. Adoption outcomes carry benefits and drawbacks that vary by gender, geography, and socio-economic factors, pointing to a field that remains uneven and developing. Taken together, the review offers a structured synthesis, the 4Q Matrix, and an agenda for future research to advance scholarly literature toward a more unified model of FinTech-led financial inclusion.